RE:RE:Today IRussell, Russell, Russell!
UUUU, UUUU, UUUU
PRESS RELEASES
ENERGY FUELS ANNOUNCES PRICING OF US$10.5 MILLION UNDERWRITTEN OFFERING OF UNITS
Lakewood, Colorado – March 9, 2016
Energy Fuels Inc. (NYSE MKT:UUUU; TSX:EFR) (“Energy Fuels” or the “Company”) is pleased to announce that it has entered into an Underwriting Agreement (the “Underwriting Agreement”) with a syndicate of underwriters led by Cantor Fitzgerald Canada Corporation (“Cantor”) as sole bookrunner, Haywood Securities Inc. and Roth Capital Partners, LLC, under which the underwriters have agreed to buy on an underwritten basis 4,375,000 units (the “Units”), each Unit consisting of one common share (each a “Share”) and one half of one common share purchase warrant (each whole warrant a “Warrant”), at a price of US$2.40 per Unit for gross proceeds of US$10.5 million (the “Offering”). Each Warrant will be exercisable for three years following the closing date and will entitle the holder thereof to acquire one Share upon exercise at an exercise price of US$3.20 per Share. The Company has granted the underwriters an option, exercisable at the offering price until the closing date of the Offering, to purchase up to an additional 15% of the base Units offered in the Offering (which may be exercised for Units, Shares, Warrants or a combination thereof) to cover over-allotments, if any, and for market stabilization purposes. The Offering is expected to close on or about March 14, 2016, subject to obtaining customary TSX and NYSE MKT approvals.
The current intention is to use the net proceeds of the Offering to: (i) continue to fund wellfield construction at the Company’s Nichols Ranch Project in Wyoming; (ii) continue to finance the previously announced shaft sinking and evaluation at the Company’s high-grade Canyon mine project in Arizona; (iii) fund costs associated with the proposed acquisition of Mestea Uranium, LLC announced earlier this week; (iv) fund the cash portion of the proposed acquisition of the remaining 40% of the Roca Honda Project announced last week; and (v) use any remaining funds for general corporate needs and working capital requirements.